Rayner Spencer Mills, fund rating and independent research company, has extended its range of specialist services with the launch of a new in-depth fund profile service.
The service emphasises the importance of the firm's qualitative approach to fund ratings and the need to take a forward looking view when assessing funds.
The impartial profiles provide more in-depth and detailed commentary and opinion on funds that have been rated by Rayner Spencer Mills.
In addition to underpinning the strengths of a specific rated fund, Rayner Spencer Mills said the profiles will also support the Financial Services Authority (FSA) guidance that recommends advisers have a rigorous and structured approach to their fund selection.
Geoff Mills, director at Rayner Spencer Mills, said: ''The evolving regulatory environment for advisers continues to emphasise the importance of ensuring that all recommendations are suitable.
"Advisers need to have a more detailed understanding of the funds they are recommending to their clients and this research will support them in that need."
Mills said an increasing number of advisers are sceptical of pure performance based ratings and are seeking forward looking, qualitative views.
"We have always stressed [that] as being critical in the analysis of any fund. Past performance is just that."
Mills pointed to recent FSA guidance notes and good practice examples which underline the need for advisers to have a thorough understanding of the investments they are recommending for clients, including knowledge of the associated risks to aid the discussion with the client around investment risk and the client's capacity for loss.
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